PenFed Foundation Study Reveals Top U.S. Cities for Veteran Entrepreneurs in 2021

Washington, D.C., New York City, and Seattle top the list despite economic impacts of COVID-19

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Nov 09, 2021, 05:52 ET

TYSONS, Va., Nov. 9, 2021 /PRNewswire/ -- Today, the PenFed Foundation, a national 501(c)(3) founded by PenFed Credit Union, announced the findings of its annual study on the top U.S. cities for veteran entrepreneurs. The PenFed Foundation Veteran Entrepreneur Investment Program (VEIP), which supports veteran-owned startups and businesses through access to networks and capital, conducted the study in partnership with Edelman Intelligence.

PenFed Foundation Study Reveals Top U.S. Cities for Veteran Entrepreneurs in 2021

According to the 2021 study, Washington, D.C., New York, and Seattle proved to be the top cities for veterans to start their businesses. The top emerging cities, or those that made the most progress since the PenFed Foundation's 2020 study, include Sioux Falls, Virginia Beach, and Kansas City. The study analyzed four main categories for each city, which include livability, economic growth, support for veterans, and ability to start a business. As the nation navigates the economic impacts of COVID-19, the study focused especially on city unemployment rates. The full study results can be found here .

"Military veterans are service-minded and often desire to continue to serve their communities in a meaningful way after transitioning to civilian life. At the PenFed Foundation, we are eager to help these veterans realize their entrepreneurial aspirations by connecting them with the education, preparation, and investment needed to support them," said PenFed Foundation President and retired Army General John W. Nicholson Jr. "Part of this preparation includes creating ecosystems that veteran businesses can thrive in. We also know that veteran-owned businesses often hire more veterans, so supporting veteran entrepreneurs provides more jobs and opportunities for the greater military community."

"The military community's resilience and strength is invaluable for our nation's business sector. That's why PenFed is proud to commission this study highlighting the cities that are making strides to support veteran businesses," said James Schenck, president and CEO of PenFed Credit Union and CEO of the PenFed Foundation. "We want to help cities across the United States understand which environments are best suited for military veterans to start and grow businesses and inspire city leaders to take the actions needed to support veteran entrepreneurs."

The top 20 cities for veteran entrepreneurs with (changes since the 2020 report) include:

Washington-Arlington-Alexandria, DC-VA-MD-WV Metro Area (+1)
New York-Newark-Jersey City, NY-NJ-PA Metro Area (-1)
Seattle-Tacoma-Bellevue, WA Metro Area (+1)
Chicago-Naperville-Elgin, IL-IN-WI Metro Area (-1)
Dallas-Fort Worth-Arlington, TX Metro Area (+2)
Minneapolis-St. Paul-Bloomington, MN-WI Metro Area (-1)
Cleveland-Elyria, OH Metro Area (+3)
Kansas City, MO-KS Metro Area (+10)
Raleigh, NC Metro Area (+6)
Boston-Cambridge-Newton, MA-NH Metro Area (-4)
Virginia Beach-Norfolk-Newport News, VA-NC Metro Area (+13)
Houston-The Woodlands-Sugar Land, TX Metro Area (-1)
Atlanta-Sandy Springs-Roswell, GA Metro Area (+3)
Austin-Round Rock, TX Metro Area (-1)
Jacksonville, FL Metro Area (+4)
Columbus, OH Metro Area (+4)
Madison, WI Metro Area (-9)
Boise City, ID Metro Area (-1)
Milwaukee-Waukesha-West Allis, WI Metro Area (-5)
Sioux Falls, SD Metro Area (+23)

The top four emerging cities for veteran entrepreneurs are:

Sioux Falls, SD Metro Area +23
Virginia Beach-Norfolk-Newport News, VA-NC Metro Area +13
Kansas City, MO-KS Metro Area +10
Raleigh, NC Metro Area +6

To paint the full picture of veteran support, city characteristics and entrepreneurship ability across the US, the study used a custom scoring algorithm based on a robust set of quantitative data from existing PenFed partners and openly available data sources.

"Each year, we look forward to releasing this study because we believe military veterans are uniquely equipped to be excellent business owners. Oftentimes, veteran entrepreneurs face challenges accessing resources such as business networks or capital. That's why we want to thank the top cities that are dedicated to helping veterans overcome these hurdles and teach others how to become more military and startup friendly," said Seda Goff, senior director of veteran entrepreneurship at PenFed Foundation.

Goff has a long-standing career working with military veterans and entrepreneurs. She served as city leader for Bunker Labs and teaches entrepreneurship at American University. Goff shared the findings of this study shortly after the launch of the Fall 2021 VEIP Master's Program, the PenFed Foundation's yearlong startup fundraising accelerator for veteran entrepreneurs.

VEIP has a three-pronged approach to create a robust network for veteran-owned startups and businesses:

Investment of seed capital, providing access to other capital investment programs and connecting entrepreneurs to funders;
Preparation through the Master's Program, a yearlong fundraising accelerator, and Ignition Challenges; and
Education through virtual and in-person workshops.

To learn more about the PenFed Foundation's work with veteran entrepreneurs, or to donate to the Foundation, please visit veip.penfedfoundation.org.

About PenFed Foundation

Founded in 2001, the PenFed Foundation is a national nonprofit organization committed to empowering military service members, veterans and their communities with the skills and resources to realize financial stability and opportunity. It provides service members, veterans, their families and support networks with the skills and resources they need to improve their lives through programs on financial education, homeownership, veteran entrepreneurship, and short-term assistance. Affiliated with PenFed Credit Union, the Foundation has the resources to effectively reach military communities across the nation, build strong partnerships, and engage a dedicated corps of volunteers in its mission. The credit union funds the Foundation's personnel and most operational costs, demonstrating its strong commitment to the programs the Foundation provides. To learn more, visit www.penfedfoundation.org.

SOURCE PenFed Foundation